Ancient Bitcoin Wallets Reactivate as Market Faces Turbulence

Recent data from Whale Alert reveals that a dormant Bitcoin address, holding approximately $2.6 million in Bitcoin, has been reactivated after more than a decade of inactivity. This event marks the second instance this month of a long-dormant Bitcoin address coming back to life. Earlier, on July 2, Whale Alert detected the activation of another Bitcoin address containing $2.1 million worth of BTC, untouched for 13 years. 

Last month, yet another significant event occurred when a Bitcoin miner wallet, dormant for 14 years, transferred $3 million worth of BTC to the Binance exchange. These coins were part of a block reward from July 2010, a time when Bitcoin could still be mined with a regular personal computer.

The reactivation of these ancient Bitcoin addresses has coincided with a notable decline in Bitcoin's price, which recently fell below the $60,000 mark, reaching an intraday low of $57,350.

Adding to the market's volatility, analytics platform Lookonchain reported that a whale deposited a substantial $106 million worth of Bitcoin to the Binance exchange at a loss. This follows a $20 million loss incurred by the same whale last month. Despite concerns of potential panic-selling due to Bitcoin's failure to maintain the $60,000 support level, Ki Young Ju, CEO of CryptoQuant, remains optimistic. He highlights that spot ETFs now make up over a quarter of total spot trading volumes, suggesting that the market is becoming more mature. "New money this time is more mature than ever, and I believe there's still much more mature money to come," he stated on his X social media profile.